AvidXchange provides AP automation software and payment solutions to middle market companies, connecting over 8,500 buyers with more than 1.35M suppliers on a two-sided network. The platform digitizes the end-to-end AP workflow — ingesting and routing invoices for approval, then executing payments via virtual credit card, ACH, or paper check through the AvidPay Network. AvidXchange targets companies too large for small-business tools but for whom enterprise software is too costly, and integrates directly with over 265 vertical-specific ERP and accounting systems that middle market buyers already use. Revenue is primarily transaction-based, split between payment revenue (interchange on VCC transactions, fees on other electronic payments, and float income on funds held in transit) and per-transaction SaaS fees for the AP automation platform. The business has a flywheel dynamic: more buyers bring more suppliers onto the network, increasing supplier density and enabling conversion of paper checks to higher-yielding electronic payments. Roughly 55% of transactions are still paper checks, representing a meaningful conversion opportunity. AvidXchange also offers Payment Accelerator, an invoice financing product that advances payment to suppliers at a discount using real-time underwriting based on network data. The company sells through a direct sales force and an indirect channel of ERP partners and bank resellers, with embedded partnerships — where AvidXchange functionality sits inside a customer's existing ERP interface — becoming an increasingly important growth driver. AvidXchange operates across nine verticals, including real estate, construction, hospitality, healthcare, and community association management.